India’s rise in rankings will encourage investments: CEOs

New Delhi, Nov. 3: Global corporate honchos on Friday said an “impressive” jump in India’s position in the World Bank’s ease of doing business ranking will encourage investment in the country including in the food processing sector.

The recent initiatives including demonetisation and GST are driving a positive overhaul of the economy, said the executives from Nestle, Unilever, Metro AG and Tata.

Speaking at the inauguration of the World Food India, Nestle chairman of board of director Paul Bulcke said top priority should be given to investment in building agriculture capacity amid challenges of scarce natural resources, rising population and growing food demand.

Ensuring safe food should also be a priority, he said, adding that the company has set up a Food Safety Institute in India with an aim to support and strengthen food safety environment in India.

The pace of development has been impressive in the last few years, Mr Bulcke said lauding the government for improvement in India’s ranking in World Bank's report on ease of doing business.

Following India’s 30 places jump in the ‘ease of doing business’ ranking, the government vowed to continue reforms that will help the country break into top 50 in coming years. “This (jump) is impressive and will encourage investment,” Mr Bulcke said.

Unilever’s Amanda Sourry said, “The world is looking towards India. The opportunities for foods in India are huge.”